Following are selected transactions of ABC Company. Record the effects of these transactions using the financial statement effects template. 1. Shareholders contributed $1,000,000 cash to the business in exchange for common stock, 2. The company obtained a bank loan of $50,000 3. Purchased S5,000 equipment and paid cash. 4. Purchased inventory at the cost of $3,000 by paying $1,000 cash and receiving short-term credit from the remainder of the supplier. 5. The company sold the entire inventory purchased at (4) for cash of $4,500. Balance Sheet Income Statement Retained Noncash Contributed Earnings (Or Cash Asset Assct Liabilities Capital + Famed Capital) Revenue Expense Net Income + + 1 I 2 3 11 6. Paid $2,000 owed to the supplier in (4) 7. The company received 89,000 cash in advance for services to be provided next period. 8 The company paid $500 cash for dividends. 9. The company paid $1,500 for employees' wages and salaries. 10. The company paid $800 utility expense. Balance Sheet Retained Noncash Contributed Earnings (Or Cash Asset + Asset Liabilities Capital Farned Capital) Income Statement + Revenue Expense Net Income 6 1 oc 10